Current Florida Mortgage Rates | Nasdaq

0

Florida is one of the hottest markets to buy a home, especially for those looking for warmer weather or coastal views. But before you take the plunge, it’s important to check the area’s mortgage rates, as they can vary by location.

What are the current mortgage rates in Florida?

As of June 8, 2022, Florida mortgage rates averaged as follows, according to data from Bankrate:

  • Fixed 30 years: 5.49%
  • 15 years fixed: 4.65%
  • ARM 5/1: 4.38%

These rates are slightly higher than the national averages published by Freddie Mac. Nationally, in the week ending June 3, the 30-year fixed-rate mortgage averaged 5.9%, the 15-year fixed-rate mortgage averaged 4, 32% and the ARM 5/1 averaged 4.04%.

What type of mortgage is right for you?

You should always shop for the best mortgage rates— in addition, you have a variety of mortgage loan types to consider when financing the purchase of your home.

Related: Best Mortgage Lenders

Conventional mortgages

Any home loan sold to Fannie Mae and Freddie Mac is considered a conventional mortgage. These tend to have stricter requirements than other types of mortgages as well as more favorable terms.

FHA Loans

Federal Housing Administration (FHA) loans tend to have more lax restrictions on credit rating and down payment. This makes home ownership more widely available to borrowers. However, FHA loans often have higher interest rates than conventional mortgages and still require private mortgage insurance (PMI).

VA Loans

Department of Veterans Affairs (VA) loans are available for active duty military and veterans. These loans have even more favorable terms for those who qualify, including the ability to incorporate your closing costs into the mortgage.

USDA Mortgages

united states department of agriculture (USDA) loans are available for home buyers in some rural areas. These can also be financed without down payment and have other favorable conditions.

What you need to know about buying a home in Florida

Florida mortgage rates may be slightly higher than the national average right now, but property taxes can offset that. In 2020, median property taxes were $1,992, according to U.S. Census data. This amount is lower than the national median of $2,551.

Help for first-time buyers

There are several programs that can help you get a mortgage as a first-time buyer. Keep in mind that a first-time buyer is someone who has not owned a primary residence in the past three years.

Florida State Agency, Accommodation in Floridaoffers a loan program and several down payment assistance programs to buyers who meet certain criteria, such as a credit score of 640 and a purchase price and income below county limits.

Related: Best mortgage lenders for first-time home buyers

More Advisor

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Source link

Share.

Comments are closed.